But this hands-off approach to the economy was not a good thing, and I don't know why people argue that. You can arguably squelch an economy with too much regulation and taxation, I will concede, but you can also create economic chaos by not bothering to keep an eye on those with economic power. Yesterday, we learned (to no one's shock here at the blog) that Bush was warned about this, but chose to listen to the wolves rather than guard the henhouse:
"The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents."As we have said many times. Our choices are not between socialism and a free market. Our choice is to engage in our economy and keep an informed eye it. That means that just as businesspeople don't just assume their workers will do a good job, we don't assume that corporate and business leaders have the same interest as the consumer or the worker. History has taught us that.